Paul Kangas' Stocks In The News
Monday, September 25, 2006
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JEFF YASTINE: Neither the decline in existing home sales nor that rebound in oil prices today could derail the markets. The Dow dropped briefly into the red on the housing news, but from there a sharp rebound. Some traders believe the six-week decline in energy prices will reignite consumer spending. That brought buyers into retail stocks, with telecom and tech issues leading the NASDAQ. So the Dow gaining 67 3/4 points to close at 11,575.81. And the NASDAQ climbing over 30 points to 2249.07. And the S&P 500 hitting a 5 1/2 year high with a gain of 11 1/2 points to 1326.37. The weak housing data pushed bond prices higher, with yields hitting seven- month lows. The 10-year note rising 12/32nds to 102 19/32 and the yield at 5.55 percent.
Time Warner (TWX) topping our list gaining $0.40. Morgan Stanley raising its price target based on the spin off of Time Warner cable and optimism for a turnaround in America Online.
And there`s Altria Group (MO) dropping a little over $5. As you heard a few minutes ago, a Federal judge granting class action status to a new smoker fraud case over light cigarettes. Altria plans to appeal, but the stock a big loser on the Dow today.
Some other tobacco makers faring poorly as well, British American Tobacco (BTI), Carolina Group (CG), Reynolds American (RAI), Vector Group (VGR) all down for the day.
Then ExxonMobil (XOM) gaining $0.15 with a small rebound in oil prices.
AT&T (T) gaining $0.59, the highest price for that stock since October 2001 on continued optimism that the SEC will recommend approval of AT&T`s purchase of Bellsouth.
And then the nation`s largest drug store chain, Walgreen Co (WAG) sliding nearly $2.50. The company matched profit estimates in its fourth quarter report but analysts say the company received help from one time gains. Walgreen`s does not see much impact from Wal-Mart`s $4 generic prescriptions program, but Bear Stearns says the Wal-Mart program could cost Walgreen up to $0.09 a share in lost profits.
Then Hewlett-Packard (HPQ) advancing $0.60. Merrill Lynch sees the weakness caused by the pretexting scandal as a buying opportunity. Reuters says the company`s chief ethics officer and its chief security officer have been subpoenaed to testify before Congress, along with the CEO and new Chairman Mark Hurd. Pfizer (PFE) gaining $0.19. The drug maker`s newer pain drug Lyrica has been approved for use in Europe.
And then there`s CVS Corp (CVS) down in sympathy with Walgreen`s, sliding nearly $2.
Ford Motor Co (F) gaining $0.15.
And General Electric (GE) rising $0.49.
And then Maritrans (TUG) soaring over $11. Overseas Shipholding group wants to buy the company for $37.50 per share cash plus assumed debt.
DJO Inc (DJO) climbing $3.60. This is the former DJ Orthopedic. The firm issued an upbeat revenue forecast and sees cost savings from a recent acquisition.
Then on to shares of Armor Holdings (AH) jumping nearly $2. The company received a pair of contracts worth $65 million to supply armored vehicles and parts to the U.S. government.
But on the downside, Whirlpool Corp (WHR) falling over $2.50. Citigroup giving the stock a "sell" rating because of worries about the downturn in the housing market.
And Lowes Companies (LOW) gaining $0.51 in regular trading, but fell over a $1 after hours when the home improvement retailer says current sales are trending below projections and sees yearly earnings at the low end of estimates.
Now over to the NASDAQ, Apple Computer (AAPL) rising over $2.50. The stock got an upgrade and a $100 price target from one analyst.
Google (GOOG) gaining $0.20.
Microsoft (MSFT) up for the day.
So was Intel (INTC).
Oracle (ORCL) gaining $0.43.
But then Broadcom (BRCM) jumping a little over $2.50.
Cisco Systems (CSCO) gaining.
Sandisk (SNDK) down for the day on a Merrill Lynch downgrade. Comcast (CMCSA) a gainer for the day.
So was Amgen (AMGN).
Acorda Therapeutics (ACOR) jumping over $6. The biotech firm with a drug designed to improve the walking abilities of multiple sclerosis patients.
And then finally Warrior Energy Service (WARR) climbing nearly $10. Superior Energy Services offering to buy the company for about $25 a share in cash.
Those are our stocks in the news tonight.
